The case involves an I.B. Petition filed by Girnar Extrusions Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Jindal Alufoils Private Limited (Corporate Debtor). The petition arises from a default by the Corporate Debtor in repaying a loan of Rs. 15 lakhs availed from the Financial Creditor. The Financial Creditor advanced an interest-free loan to the Corporate Debtor for a period of two years, as per a Memorandum of Understanding. The Corporate Debtor failed to repay the loan by the agreed date, leading to the default and subsequent filing of the I.B. Petition.
Girnar Extrusions Private Limited (Financial Creditor) filed an I.B. Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jindal Alufoils Private Limited (Corporate Debtor). The Financial Creditor advanced an interest-free loan of Rs. 15 lakhs to the Corporate Debtor for two years, as per a Memorandum of Understanding (MOU) entered on 2015-09-28. The loan was disbursed on 2015-09-26 through RTGS to the Corporate Debtor's account in Bank of Baroda. The Corporate Debtor failed to repay the loan by the agreed date of 2017-09-25, resulting in a default. The date of default is 2017-09-26, two years after the disbursal. The I.B. Petition was filed on 2019-01-17, within the limitation period. The Corporate Debtor did not file any objection to the
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Girnar Extrusi…
Jindal Alufoils…
The case involves an I.B. Petition filed by Girnar Extrusions Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Jindal Alufoils Private Limited (Corporate Debtor). The petition arises from a default by the Corporate Debtor in repaying a loan of Rs. 15 lakhs availed from the Financial Creditor. The Financial Creditor advanced an interest-free loan to the Corporate Debtor for a period of two years, as per a Memorandum of Understanding. The Corporate Debtor failed to repay the loan by the agreed date, leading to the default and subsequent filing of the I.B. Petition.
Girnar Extrusions Private Limited (Financial Creditor) filed an I.B. Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jindal Alufoils Private Limited (Corporate Debtor). The Financial Creditor advanced an interest-free loan of Rs. 15 lakhs to the Corporate Debtor for two years, as per a Memorandum of Understanding (MOU) entered on 2015-09-28. The loan was disbursed on 2015-09-26 through RTGS to the Corporate Debtor's account in Bank of Baroda. The Corporate Debtor failed to repay the loan by the agreed date of 2017-09-25, resulting in a default. The date of default is 2017-09-26, two years after the disbursal. The I.B. Petition was filed on 2019-01-17, within the limitation period. The Corporate Debtor did not file any objection to the
…Girnar Extrusi…
Jindal Alufoils…